Trader Girl Forex Trades

Quote from richardm:

whoa did you say your VB Script alert? you are using VB Script? I love VB Script! How are you scripting alerts? via charting tools? spreadsheet(s)? I have some ideas that may be worthwhile - - maybe we could collaborate. P.S. wish I had found you sooner, I think it is great what you are elucidating in the forums here...
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Yes writing VB scripts for the main platform I use. I'm pretty much done trying to improve my system although I was considering testing different intraday pivot close times as I'm not using daily pivots now. I also need to get around to coding a tool that looks systematically for clusters of support/resistance and then looks for FX Multimap divergence at double top/bottom to buy. I trade that manually but would love to have full auto system trading support/resistance like any professional trader would do.

One guy in our chat room wrote an auto fib tool which works very well and I'm trying to do one on my own so I can have it improve my scripts exit ability, ie tighten stops. He won't release his code and I'm not THAT good of a programmer so will probably fail with that one.

Right now on some of my auto systems I'm using the programs statistical levels and tightening stops from 3.0 ATR to 1.5 ATR when hourly stat high/low gets hit and then go to .7 ATR when the 1 STD DEV level gets hit.

Anyway send me your idea(s) and if good enough I'll consider coding them or paying one of the pro VB coders I know to do it.

I'll PM you the scripting language directions if you wish to learn to do this yourself.
 
sorry but thats bullocks. While you may believe in fibs it is absolutely not true that big traders trade off those levels. I am in the business for over ten years as prop trader and none of the big US, Swiss, and European houses are using fibs as MAIN indicators. Even most technical analysts, should any of the sell-side houses still employ them are very careful disseminating research that include fibs. I need to strongly disagree with you on this. Please dont reply saying that houses such as fxcm, gain use them, I dont consider them BIG in the sense that they take any seizable positions. Those latter houses are brokers and live by urging people to trade, and the more utensils they shower upon retail mom and dad the more people trade, simple as that.



Quote from amytrade:

I know some traders who work at banks. They have told me they ALL use fibs. If the world's biggest traders are using them then you can be SURE I am looking at them also. Not doing so in my opinion is rediculously stupid.

They DO use them both for finding areas to get INTO trades and they also use Fib targets as places to scale OUT of trades.

Don't believe me, try to get a job interview at a trading house and walk through and talk to their traders. Two years ago I was in a trading house in NY and spoke to a few of their traders, THEY USE FIBS and some of them as their MAIN indicator.

Fibs don't work? hahahaha that's the CRAZIEST thing I've ever yeard! Just because ONE trader loses money with them doesn't mean they don't work. I'll give my Fib secrets if that trader wants to turn his trading around.
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I am very critical of fib levels, and agree with an early poster that it has been empirically shown that fib levels dont work. Of course use whatever works for you, but I think it also pays to be open to empirical evidence. I dont attribute 50% retracements to fibs and any of the other fib levels were countless times crossed....not sure how you want to derive any edge off that?


Quote from amytrade:

Here's a trade I called out yesterday and took today. Hit 50% FIBONACCI level and fell over 100 pips. I only caught 43 pips as I tend to quit trading around noon but still something that happens ALMOST DAILY and makes smart Fibonacci based traders money!

Notice the 1.382 Fib Target level was right there at the 50% fib retracement level. I took DiNapoli's course on fibs and its the best and use it. I also took TopGun's course and they teach the same methods DiNapoli uses as well so I learned this from two sources.

Their trading zones show up in red on chart which they did which were pretty close to the levels I came up with myself. Gives me more confidence in taking the trades.

But to say Fibs don't work? Come on, every trader I know who makes a living trading uses Fibs! Stop smoking crack and use your fibs!
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Quote from IluvVol:

sorry but thats bullocks. While you may believe in fibs it is absolutely not true that big traders trade off those levels. I am in the business for over ten years as prop trader and none of the big US, Swiss, and European houses are using fibs as MAIN indicators. Even most technical analysts, should any of the sell-side houses still employ them are very careful disseminating research that include fibs. I need to strongly disagree with you on this. Please dont reply saying that houses such as fxcm, gain use them, I dont consider them BIG in the sense that they take any seizable positions. Those latter houses are brokers and live by urging people to trade, and the more utensils they shower upon retail mom and dad the more people trade, simple as that.
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Ok, then don't use them. But nobody can DENY they don't work AMAZINGLY well for me as most of the levels I've posted for last month+ have used Fibs and I've been spot on in.

Use whatever works for you. But to say Fibs don't work is only saying YOU don't know how to use them.

I'm not going to argue with you about this or anybody else.

Like fibs - USE them.

Don't like fibs - DO NOT use them.

It's that simple. I really could care less if anybody on here likes them or uses them. Enough said, lets drop it.
 
Quote from IluvVol:

I am very critical of fib levels, and agree with an early poster that it has been empirically shown that fib levels dont work. Of course use whatever works for you, but I think it also pays to be open to empirical evidence. I dont attribute 50% retracements to fibs and any of the other fib levels were countless times crossed....not sure how you want to derive any edge off that?
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I make money with them DAY AFTER DAY. Enough said. My posting levels to buy/sell at are proof positive they DO work when used correctly. Both GBP/USD and USD/CHF level NAILED by fibs. Just today with close to 200 pips movement in direction predicted the night before!

To me the proof is in the results. Show me examples and screen shots of how you use them. More than likely I'll show you how you're using them wrong and I'll open up a huge ahaaa moment for you. There are secrets about which fib level to buy/sell. That's what you don't know and that's probably why you don't make any money with them.

I'll say it again, if you don't believe in fibs or don't make money with them that means NOTHING other than the fact that you haven't learned HOW to use them.

I hate stochastics, macd, rsi and other BS indicators invented in the 1970s when there were punch card computers but I do know traders who make money with these ancient stone age tools.
 
I do think its possible it works for stocks and futures where there is REAL volume. In forex there is NO real volume! eSignal has 150 banks that makeup their feed and every time they move their bid price (the price you see on Forex charts is the bid) that counts as 1 volume. Obviously this is pure BULLSHIT! It's not volume but is reported as volume. It isn't even real tick volume as a tick is a TRADE and this is simply a price change.

So no I think VSA for Forex is a scam. I know a guy in our chat room who is a profitable trader and he does some live trade demonstrations for Trade Guider, his name is Brad, and he does NOT even use Trade Guider for his OWN trading. He has his own tools he's spent hundreds of thousands of dollars programming and he uses TopGun's currency trend tools.

He's basically doing these free advertisements for Trade Guider because he's trying to sell his own training sessions for $3,000. That's how he gets paid.

He's a good trader and I'm sure his sessions are worth $3,000 but you've learned his BEST idea in this forum from me.

He's the one I learned using trendlines to spot ENTRY with as described on this thread and shown on many chart examples I posted.

So no don't buy Trade Guider or any VSA tools for Forex. For other markets I can't say it doesn't work but I do know friends who bought Trade Guider and the signals often show up 1 to 2 bars AFTER the fact. Not very useful for real time trading as you can't go back 2 five min bars and ENTER in the past! So I'm very skeptical of it because I saw that with my very own eyes. I was considering buying that software once and that turned me off for good.

If a software is going to have signals show them REAL TIME and not after the fact. Charts look good at the end of the day but you can't take the trades. I find that to be kind of a scam.

One thing that does work is bid/ask analysis using tick data and their software doesn't even do that. I've seen other products out on market that do this and I believe they probably give traders an edge. Not for forex which doesn't have this capability but for stocks/futures.
 
Many of my currencies I selected last night didn't go in direction I anticipated. Which is why having powerful trend tools is so important. I knew by looking at this chart how WEAK the US Dollar was.

When wrong I trade the currencies in their most likely direction. When I'm right about direction and real time tools confirm I tend to trade larger.

One of the most important things to learn to be a successful trader is to get OVER the need to be right. I'm right a lot and I know that but I also know that if I fight the market it will BURY ME! I am insignificant in the market's eyes and it wants my money. I refuse to go with my original beliefs when shown how weak the USD is!

Maybe the tools I use also account for why I believe in the Fibs so much. Because while I know they work, they do NOT WORK EVER in finding places to buy the weakest currencies or sell the strongest ones! I only trade my fib levels WHEN the markets trend isn't so strong as to shoot through them.
 

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Yo, amytrade, while I disagree with some of your methods, your comments suggest to me you're truly stellar at risk management... Just thought I'd say well done and you're a star!
 
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